SurgePays, Inc. (NASDAQ:SURG) Sees Significant Drop in Short Interest

SurgePays, Inc. (NASDAQ:SURG) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 310,267 shares, a decline of 78.8% from the August 15th total of 1,465,077 shares. Approximately 0.8% of the company’s shares are short sold. Based on an average daily volume of 6,838,131 shares, the short-interest ratio is presently 0.0 days.

SurgePays Price Performance

SURG stock traded up $0.01 during midday trading on Friday, hitting $0.17. The stock had a trading volume of 207,654,864 shares, compared to its average volume of 22,973,272. The business has a 50-day moving average of $0.25 and a two-hundred day moving average of $0.50. The firm has a market cap of $9.16 million, a price-to-earnings ratio of -0.11 and a beta of 0.39. SurgePays has a 52-week low of $0.15 and a 52-week high of $3.14.

SurgePays (NASDAQ:SURG) last announced its quarterly earnings data on Wednesday, August 19th. The medical equipment provider reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.11) by $0.16. Research analysts predict that SurgePays will post -0.7 earnings per share for the current year.

Institutional Investors Weigh In On SurgePays

Several hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. purchased a new stake in SurgePays in the first quarter worth about $28,000. Jane Street Group LLC purchased a new position in shares of SurgePays during the second quarter valued at approximately $42,000. Cetera Investment Advisers lifted its holdings in shares of SurgePays by 43.5% during the first quarter. Cetera Investment Advisers now owns 66,000 shares of the medical equipment provider’s stock valued at $50,000 after purchasing an additional 20,000 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of SurgePays in the 4th quarter worth approximately $52,000. Finally, NewEdge Advisors LLC boosted its position in shares of SurgePays by 46.2% in the 2nd quarter. NewEdge Advisors LLC now owns 19,000 shares of the medical equipment provider’s stock worth $59,000 after purchasing an additional 6,000 shares in the last quarter. Institutional investors own 6.94% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of SurgePays in a research report on Wednesday, August 19th. Ascendiant Capital Markets lowered their price objective on shares of SurgePays from $5.00 to $3.50 and set a “buy” rating for the company in a report on Wednesday, June 10th. Finally, Zacks Research raised SurgePays from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $3.50.

SurgePays Company Profile

SurgePays, Inc, together with its subsidiaries, operates as a financial technology and telecom company in the United States. It operates through three segments: Mobile Virtual Network Operators, Comprehensive Platform Services, and Lead Generation. The company offers subsidized and non-subsidized mobile virtual network operators for internet connectivity through mobile broadband services to consumers; ACH banking relationships and fintech transactions platform to convenience stores; wireless top-up transactions and wireless product aggregation; and lead generation and case management solutions primarily to law firms in the mass tort industry, as well as call center activities.